CME Group’s advanced figures for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row on Tuesday, this time by around 10.8K contracts. On the other hand, volume rose for the third straight session, now by around 139.5K contracts.

WTI FINALLY REACHES $70.00

Prices of the WTI navigates levels last seen in October 2018 around the $70.00 mark per barrel. Tuesday’s move higher was accompanied by shrinking open interest, which hints at the idea that some correction is now due in the oil rally. Supporting this view, the WTI keeps trading in the overbought territory, as per the daily RSI (74.43).